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Oregon Revised Statutes Revenue and Taxation § 317.488

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) As used in this section:

(a) “Educational institution” means:

(A) A public common or union high school district;

(B) A private school that:

(i) Is an organization described in section 501(c)(3) of the Internal Revenue Code;  1

(ii) Offers education in prekindergarten, kindergarten or grades 1 through 12, or any combination of those grade levels; and

(iii) Provides instructional programs that are not limited solely to dancing, drama, music, religious or athletic instruction;

(C) An accredited public community college, college or university located in this state; or

(D) An accredited private community college, college or university located in this state that is an organization described in section 501(c)(3) of the Internal Revenue Code.

(b) “Qualified donation” means a transfer of a fee estate in land from a taxpayer to an educational institution without consideration of any kind given to the taxpayer by the educational institution in exchange for the land.

(c) “Qualified reduced sale” means a transfer of a fee estate in land by a taxpayer to an educational institution for consideration paid by the educational institution that is less than the fair market value of the land at the time of transfer.

(2) There shall be added to federal taxable income the amount that otherwise would be taken into account as a charitable contribution deduction for a qualified donation or a qualified reduced sale pursuant to section 170 of the Internal Revenue Code.

(3) In the case of a qualified donation made by the taxpayer during the tax year, the fair market value of the qualified donation shall be subtracted from federal taxable income.

(4) In the case of a qualified reduced sale made by the taxpayer during the tax year, the difference between the fair market value of the land and the sale price of the land shall be subtracted from federal taxable income.

(5) Notwithstanding subsections (3) and (4) of this section, the subtraction allowed under this section may not exceed:

(a) In the case of a qualified donation, 50 percent of Oregon taxable income computed without regard to this section, ORS 317.476 or section 170 of the Internal Revenue Code; or

(b) In the case of a qualified reduced sale, 25 percent of Oregon taxable income computed without regard to this section, ORS 317.476 or section 170 of the Internal Revenue Code.

(6) Any subtraction not allowed because of the limitations imposed under subsection (5) of this section may be carried forward and claimed as a subtraction in the next succeeding tax year. Any amount remaining unused in the next succeeding tax year may be carried forward and used in the second succeeding tax year, and likewise until the 15th succeeding tax year, but may not be carried beyond the 15th succeeding tax year.

1  Internal Revenue Code sections are in Title 26 of U.S.C.A.
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Cite this article: FindLaw.com - Oregon Revised Statutes Revenue and Taxation § 317.488 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-29-revenue-and-taxation/or-rev-st-sect-317-488/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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